KPMG’s Week in Tax: 22-31 December 2015

KPMG’s Week in Tax: 22-31 December 2015

Country-by-country reporting, pursuant to the OECD’s base erosion and profit shifting (BEPS) recommendations, was a focus of legislation and implementing regulations at the end of 2015.

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  • Italy, Denmark, Ireland, and the Netherlands enacted legislation adopting country-by-country reporting, effective for 2016.
  • Proposed regulations in the United States would require annual country-by-country reporting for parent entities of large U.S.-based multinational groups. KPMG provided a discussion of the proposed regulations.

Read more on the TaxNewsFlash United States and Global websites.

Asia Pacific

  • Japan signed a new income tax treaty with Germany.
  • China’s import and export tariffs will change beginning in 2016.


  • The Luxembourg Parliament approved tax measures affecting both corporate and individual taxpayers, generally effective beginning in 2016. 
  • Luxembourg’s tax authorities issued a circular stating employers planning on providing a stock option plan for their employees must notify the head of the in-charge tax office “Bureau RTS” at least two months prior to setting up the stock option plan.
  • The Belgian Parliament passed legislation aiming to impose lower tax burdens on professional income, while providing for increased indirect taxation and taxes on the financial income of individual taxpayers.

United States

  • IRS Announcement 2016-2 extends the tax treatment of identity protection services (as previously provided to “compromised” persons after a data breach) to identify protection services provided to employees or other individuals before a data breach occurs.
  • IRS Notice 2016-4 extends the due dates for the 2015 information reporting requirements with respect to health care coverage.
  • Rev. Rul. 2016-3 announced the IRS will no longer apply the one percent (1%) excise tax to premiums paid on a policy of reinsurance issued by one foreign reinsurer to another foreign insurer or reinsurer.

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